This practical guide provides a comprehensive overview of professionally managed assets, or investments in which all portfolio decisions and rebalancing are delegated to a fund manager or third-party advice service. Savvy investors looking to achieve a better understanding of the nuances, benefits, and drawbacks of using these products will find the answers they are looking for in  The Handbook of Professionally Managed Assets,  no matter whether they would like to learn more about mutual funds or hedge funds. There is a considerable lack of knowledge among the investing public about how to properly construct a well-diversified portfolio of investments that includes a selection of professionally managed assets. As a long-standing financial planner, attorney, and educator, Keith Fevurly remedies this issue in The Handbook of Professionally Managed Assets  by clearly presenting the major categories of professionally managed assets and revealing the best tactics for investing in these vehicles. Along the way, he reveals each asset's risks and rewards, and he also provides the in-depth knowledge and information investors need to confidently select the right assets for their portfolios. Filled with valuable insights for everyone from financial professionals to individual investors, The Handbook of Professionally Managed Assets  stands alone in its ability to shed light on the many investment vehicles that fall under the larger umbrella of professionally managed assets. With topics as wide-ranging as mutual funds, closed-end funds, unit investment trusts, exchange traded funds, hedge funds, managed futures, and more, this invaluable resource will give you the information you need to build a prosperous financial future for yourself and your clients.  What you’ll learn Among other topics,  The Handbook of Professionally Managed Assets  will cover: Why financial advisors and sophisticated individual investors should use professionally managed assets as part of an overall investment strategy. Mutual funds, including the history of their growth in the financial industry and the differences between actively and passively managed mutual funds. The proper use of Unit Investment Trusts (UITs), particularly in the context of municipal bond trusts, which is the primary asset included in a UIT. Who invests in hedge funds, including whether or not you should decide to invest in hedge funds as a self-directed investor. Why managed futures are great assets to include in a risk-mitigating investment strategy for high-worth clients. Who this book is for Designed specifically for professional investment advisors and sophisticated individual investors, The Handbook of Professionally Managed Assets  will answer the myriad of questions financial professionals have about everything from mutual funds to managed futures. Table of Contents Understanding Professionally Managed Assets Why Professionally Managed Assets? The Growth of Mutual Funds Long-Term Investing in Mutual Funds Mutual Fund Performance Measures and Selection Criteria Closed-End Funds Unit Investment Trusts Exchange-Traded Funds Hedge Funds Managed Futures Private Equity Funds Limited Partnerships and Real Estate Investment Trusts Individually and Separately Managed Accounts Variable and Variable Universal Life Insurance Variable Annuities Summary of the Present and Future of Professionally Managed Assets Glossary